UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended March 31, 2004
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period to
Commission file number 33-00215
UNITED STATES ANTIMONY CORPORATION
(Name of small business issuer in its charter)
MONTANA 81-0305822
------- ----------
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
P.O. BOX 643, THOMPSON FALLS, MONTANA 59873
------------------------------------------ -------
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (406) 827-3523
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
YES X No
-- --
At May 14, 2004, the registrant had outstanding 2,472,028 shares of par value
$0.01 common stock.
UNITED STATES ANTIMONY CORPORATION
QUARTERLY REPORT ON FORM 10-QSB
FOR THE QUARTERLY PERIOD
ENDED MARCH 31, 2004
TABLE OF CONTENTS
Page
PART I - FINANCIAL INFORMATION
Item 1: Financial Statements . . . . . . . . . . . . . . . . . . . 1
Item 2: Management's Discussion and Analysis or Plan of Operations 6
Item 3: Controls and Procedures. . . . . . . . . . . . . . . . . . 8
PART II - OTHER INFORMATION
Item 1: Legal Proceedings. . . . . . . . . . . . . . . . . . . . . 8
Item 2: Changes in Securities. . . . . . . . . . . . . . . . . . . 8
Item 3: Defaults upon Senior Securities. . . . . . . . . . . . . . 8
Item 4: Submission of Matters to a Vote of Security Holders. . . . 8
Item 5: Other Information. . . . . . . . . . . . . . . . . . . . . 8
Item 6: Exhibits and Reports on Form 8-K . . . . . . . . . . . . . 8
SIGNATURE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
CERTIFICATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . 10
[The balance of this page has been intentionally left blank.]
PART I-FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
MARCH 31, DECEMBER 31,
2004 2003
ASSETS
Current assets:
Accounts receivable, less allowance
for doubtful accounts of $30,000 . . . . . . . . . . . . . . . . . . $ 37,686 $ 51,081
Inventories. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114,108 153,053
------------- -------------
Total current assets . . . . . . . . . . . . . . . . . . . . . 151,794 204,134
Investment in USAMSA, net. . . . . . . . . . . . . . . . . . . . . . . . 10,263 11,913
Properties, plants and equipment, net. . . . . . . . . . . . . . . . . . 559,282 554,311
Restricted cash for bank note payable. . . . . . . . . . . . . . . . . . 105,649 105,649
Restricted cash for reclamation bonds. . . . . . . . . . . . . . . . . . 99,043 99,043
Deferred financing costs . . . . . . . . . . . . . . . . . . . . . . . . 28,125 30,000
------------- -------------
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . $ 954,156 $ 1,005,050
============ =============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Checks issued and payable. . . . . . . . . . . . . . . . . . . . . . . $ 94,141 $ 87,927
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . 548,349 909,696
Accrued payroll and property taxes . . . . . . . . . . . . . . . . . . 151,948 197,761
Accrued payroll and other. . . . . . . . . . . . . . . . . . . . . . . 87,806 88,085
Judgment payable . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,980 53,130
Accrued interest payable . . . . . . . . . . . . . . . . . . . . . . . 17,106 16,645
Payable to related parties . . . . . . . . . . . . . . . . . . . . . . 231,679 232,111
Notes payable to bank, current . . . . . . . . . . . . . . . . . . . . 222,889 144,391
Accrued reclamation costs, current . . . . . . . . . . . . . . . . . . 151,000 151,000
------------- -------------
Total current liabilities. . . . . . . . . . . . . . . . . . . 1,558,898 1,880,746
Secured and unsecured convertible notes payable. . . . . . . . . . . . . 350,000 350,000
Notes payable to bank, noncurrent. . . . . . . . . . . . . . . . . . . . 400,422 409,141
Accrued reclamations costs, noncurrent . . . . . . . . . . . . . . . . . 57,500 57,500
------------- -------------
Total liabilities. . . . . . . . . . . . . . . . . . . . . . . 2,366,820 2,697,387
------------- -------------
Commitments and contingencies (Note 3)
Stockholders' deficit:
Preferred stock, $0.01 par value, 10,000,000 shares authorized:
Series A: 4,500 shares issued and outstanding. . . . . . . . . . . 45 45
Series B: 750,000 shares issued and outstanding. . . . . . . . . . 7,500 7,500
Series C: 177,904 shares issued and outstanding. . . . . . . . . . 1,779 1,779
Series D: 1,836,672 shares issued and outstanding. . . . . . . . . 18,636 18,636
Common stock, $0.01 par value, 50,000,000 shares
authorized; 29,948,816 and 28,114,288 shares issued and outstanding. 299,489 281,143
Additional paid-in capital . . . . . . . . . . . . . . . . . . . . . . 17,756,984 17,387,970
Accumulated deficit. . . . . . . . . . . . . . . . . . . . . . . . . . (19,497,097) (19,389,410)
-------------- -------------
Total stockholders' deficit. . . . . . . . . . . . . . . . . . (1,412,664) (1,692,337)
-------------- -------------
Total liabilities and stockholders' deficit. . . . . . . . . . $ 954,156 $ 1,005,050
============= =============
The accompanying notes are an integral part of the financial statements.
1
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE MONTHS ENDED
MARCH 31, MARCH 31,
2004 2003
Revenues:
Sales of antimony products and other $ 582,415 $ 1,019,496
Sales of zeolite products 195,085 120,700
------------ --------------
777,500 1,140,196
------------ --------------
Cost of sales:
Cost of antimony production 406,621 775,666
Antimony depreciation 10,300 9,476
Antimony freight and delivery 44,156 77,677
Cost of zeolite production 154,600 123,269
Zeolite depreciation 13,800 13,686
Zeolite freight and delivery 14,671 20,594
------------ -------------
644,148 1,020,368
----------- --------------
Gross profit 133,352 119,828
------------ -------------
Other operating expenses:
Antimony general and administrative 90,540 130,884
Antimony sales expenses 14,068 25,568
Zeolite general and administrative 71,161 73,314
Zeolite sales expenses 19,164 14,436
------------ -------------
194,933 244,202
----------- --------------
Other (income) expense:
Interest expense 27,313 16,376
Factoring expense 19,279 33,565
Interest income and other (486) (605)
------------ --------------
46,106 49,336
----------- --------------
Net loss $ 107,687 $ 173,710
============ ==============
Net loss per share of common stock. . . . $ Nil $ 0.01
= ============ ==============
Basic weighted average shares outstanding 28,590,273 27,027,959
============ ==============
The accompanying notes are an integral part of the financial statements.
2
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED
MARCH 31, MARCH 31,
2004 2003
Cash flows from operating activities:
Net loss. . . . . . . . . . . . . . . . . . . . . . . . . $(107,687) $(173,710)
Adjustments to reconcile net loss to
net cash used by operating activities:
Depreciation and amortization . . . . . . . . . . . . 27,625 24,662
Series D stock issued to directors. . . . . . . . . . 7,200
Series D stock issued for legal services. . . . . . . 20,000
Change in:
Restricted cash . . . . . . . . . . . . . . . . . . (14,000)
Accounts receivable . . . . . . . . . . . . . . . . 13,395 (60,252)
Inventories . . . . . . . . . . . . . . . . . . . . 38,945 77,238
Accounts payable. . . . . . . . . . . . . . . . . . (211,202) 134,551
Accrued payroll and property taxes. . . . . . . . . (45,813) (9,263)
Accrued payroll and other . . . . . . . . . . . . . (279) 4,568
Judgment payable. . . . . . . . . . . . . . . . . . 850 850
Accrued interest payable. . . . . . . . . . . . . . 461 (4,023)
Payable to related parties. . . . . . . . . . . . . (432) (30,314)
Accrued reclamation costs . . . . . . . . . . . . . (3,482)
----------
Net cash used by operating activities . . . . . . (284,137) (25,975)
---------- ----------
Cash flows from investing activities:
Purchases of properties, plants and equipment . . . . . . (29,071) (9,474)
---------- ----------
Net cash used in investing activities . . . . . . (29,071) (9,474)
---------- ----------
Cash flows from financing activities:
Proceeds from issuance of common stock and warrants . . . 10,000
Proceeds from exercise of warrants. . . . . . . . . . . . 227,215
Principal payments on notes payable to bank . . . . . . . (30,221) (74,370)
Proceeds from notes payable to bank . . . . . . . . . . . 100,000 49,368
Change in checks issued and payable . . . . . . . . . . . 6,214 60,451
---------- ----------
Net cash provided by financing activities . . . . 313,208 35,449
---------- ----------
Net change in cash. . . . . . . . . . . . . . . . . . . . . 0 0
Cash, beginning of period . . . . . . . . . . . . . . . . . 0 0
---------- ----------
Cash, end of period . . . . . . . . . . . . . . . . . . . . $ 0 $ 0
========== ==========
Supplemental disclosures:
Non cash financing activities:
Common stock issued in satisfaction of accounts payable $ 150,145
==========
The accompanying notes are an integral part of the financial statements.
3
PART I - FINANCIAL INFORMATION, CONTINUED:
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1. BASIS OF PRESENTATION:
The unaudited consolidated financial statements have been prepared by the
Company in accordance with accounting principles generally accepted in the
United States of America for interim financial information, as well as the
instructions to Form 10-QSB. Accordingly, they do not include all of the
information and footnotes required by accounting principles generally accepted
in the United States of America for complete financial statements. In the
opinion of the Company's management, all adjustments (consisting of only normal
recurring accruals) considered necessary for a fair presentation of the interim
financial statements have been included. Operating results for the three-month
period ended March 31, 2004 are not necessarily indicative of the results that
may be expected for the full year ending December 31, 2004. Certain
consolidated financial statement amounts for the three-month period ended March
31, 2003 have been reclassified to conform to the 2004 presentation. These
reclassifications had no effect on the net loss or accumulated deficit as
previously reported.
For further information refer to the financial statements and footnotes thereto
in the Company's Annual Report on Form 10-KSB for the year ended December 31,
2003.
2. LOSS PER COMMON SHARE:
The Company accounts for its income (loss) per common share according to
Statement of Financial Accounting Standards No. 128 "Earnings Per Share" ("SFAS
No. 128"). Under the provisions of SFAS No. 128, primary and fully diluted
earnings per share are replaced with basic and diluted earnings per share.
Basic earnings per share is arrived at by dividing net income (loss) available
to common stockholders by the weighted average number of common shares
outstanding, and does not include the impact of any potentially dilutive common
stock equivalents. Common stock equivalents, including warrants to purchase the
Company's common stock and common stock issuable upon the conversion of
debentures are excluded from the calculations when their effect is antidilutive.
3. COMMITMENTS AND CONTINGENCIES:
Until 1989, the Company mined, milled and leached gold and silver in the Yankee
Fork Mining District in Custer County, Idaho. In 1994, the U.S. Forest Service,
under the provisions of the Comprehensive Environmental Response Liability Act
of 1980 ("CERCLA"), designated the cyanide leach plant as a contaminated site.
In 1996, the Idaho Department of Environmental Quality requested that the
Company sign a consent decree related to completing the reclamation and
remediation at the Preachers Cove mill. The Company has been reclaiming the
property and anticipates it will have the reclamation complete in the near term.
In November of 2001, the Environmental Protection Agency ("EPA") listed two
by-products of the Company's antimony oxide manufacturing process as hazardous
wastes under subtitle C of the Resource Conservation and Recovery Act ("RCRA"),
and emergency notification requirements for releases to the environment under
CERCLA. On November 26, 2002, the Company received a notice of violation
related to a hazardous waste discharge that was discovered during a hazardous
waste compliance evaluation inspection conducted at the Company's Thompson Falls
antimony facility. In response to the notice, the Company removed certain
antimony materials from its production area and agreed to ensure that future
releases of hazardous waste would not occur. At March 31, 2004, management
believes that no additional liability will result from the violation.
4
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED), CONTINUED:
3. COMMITMENTS AND CONTINGENCIES, CONTINUED:
The Company's management believes that USAC is currently in substantial
compliance with environmental regulatory requirements and that its accrued
environmental reclamation costs are representative of management's estimate of
costs required to fulfill its reclamation obligations. Such costs are accrued
at the time the expenditure becomes probable and the costs can reasonably be
estimated. The Company recognizes, however, that in some cases future
environmental expenditures cannot be reliably determined due to the uncertainty
of specific remediation methods, conflicts between regulating agencies relating
to remediation methods and environmental law interpretations, and changes in
environmental laws and regulations. Any changes to the Company's reclamation
plans as a result of these factors could have an adverse affect on the Company's
operations. The range of possible losses in excess of the amounts accrued
cannot be reasonably estimated at this time.
4. BUSINESS SEGMENTS
The Company has two operating segments, antimony and zeolite. Management
reviews and evaluates the operating segments exclusive of interest and factoring
expenses. Therefore, interest expense is not allocated to the segments.
Selected information with respect to segments for the quarter ended March 31,
2004 and 2003 are as follows:
2004 2003
Revenues:
Antimony . . . . . . . . . . . . . $582,415 $1,019,496
Zeolite. . . . . . . . . . . . . . 195,085 120,700
-------- ----------
$777,500 $1,140,196
======== ==========
Cost of sales:
Production and freight and delivery:
Antimony . . . . . . . . . . . . . $450,777 $ 853,343
Zeolite. . . . . . . . . . . . . . 169,271 143,863
Depreciation:
Antimony . . . . . . . . . . . . . 10,300 9,476
Zeolite. . . . . . . . . . . . . . 13,800 13,686
-------- ----------
$644,148 $1,020,368
======== ==========
Gross profit . . . . . . . . . . . . . $133,352 $ 119,828
======== ==========
Other operating expenses:
Sales expense:
Antimony . . . . . . . . . . . . . $ 14,068 $ 25,568
Zeolite. . . . . . . . . . . . . . 19,164 14,436
General and administrative expense:
Antimony . . . . . . . . . . . . . 90,540 130,884
Zeolite. . . . . . . . . . . . . . 71,161 73,314
-------- ----------
$194,933 $ 244,202
======== ==========
Capital expenditures:
Antimony . . . . . . . . . . . . . $ 0 $ 0
Zeolite. . . . . . . . . . . . . . 29,071 9,474
-------- ----------
$ 29,071 $ 9,474
======== ==========
Properties, plant and equipment, net:
Antimony . . . . . . . . . . . . . $122,308 $ 138,410
Zeolite. . . . . . . . . . . . . . 436,974 377,318
-------- ----------
$559,282 $ 515,728
======== ==========
5
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
General
This report contains both historical and prospective statements concerning the
Company and its operations. Prospective statements (known as "forward-looking
statements") may or may not prove to be true with the passage of time because of
future risks and uncertainties. The Company cannot predict what factors might
cause actual results to differ materially from those indicated by prospective
statements.
Results of Operations
The Company's operations resulted in a net loss of $107,687 for the three-month
period ended March 31, 2004, compared with a net loss of $173,710 for the
three-month period ended March 31, 2003. The decrease in the loss for the first
quarter of 2004 compared to the similar quarter of 2003 is primarily due to an
increase in sales of zeolite during the first quarter of 2004 and a decrease in
general and administrative and other operating expenses.
Total revenues from antimony product sales for the first quarter of 2004 were
$582,415 compared with $1,019,496 for the comparable quarter of 2003, a
decrease of $437,081. During the three-month period ended March 31, 2004,
40.01% of the Company's revenues from antimony product sales were from sales to
one customer and 6.54% were from sales to a second individual customer. Sales
of antimony products during the first quarter of 2004 consisted of 401,496
pounds at an average sale price of $1.17 per pound. During the first quarter of
2003 sales of antimony products consisted of 751,681 pounds at an average sale
price of $1.36 per pound. The decrease in the amount of product sold is due to
the Company's customers buying antimony from Chinese suppliers at a lower price.
The decrease in sale prices of antimony products from the first quarter of 2003
to the first quarter of 2004 is the result of competitor's bids being lower than
the Company's causing the Company to have to lower its price. The company has
been able to increase sales prices significantly during the second quarter of
2004.
Sales of zeolite products during the first quarter of 2004 were $195,085
compared with first quarter sales in 2003 of $120,700. The increase in sales for
the first quarter of 2004 compared to the first quarter of 2003 was due to the
Company's marketing efforts and a corresponding increase in the number of
zeolite customers. Gross profit from antimony and zeolite sales during the first
three-month period of 2004 was $153,238 compared with gross profit of $119,828
during the first three-month period of 2003.
The cost of antimony sales was $406,621, or $1.01 per pound sold, during the
first quarter of 2004 compared to $775,666 or $1.03 per pound sold, during the
first quarter of 2003. The decrease was due to a reduction in fuel prices for
the quarter ended March 31, 2004 as compared to the quarter ended March 31,
2003.
The cost of zeolite sales was $154,600 for the first quarter of 2004 compared to
$123,269 during the first quarter of 2003. The increase was principally due to
the increase in sales of zeolite. The Company is increasing its plant capacity
in hopes of reducing overall production costs.
Antimony depreciation for the first quarter of 2004 was $10,300 and was
comparable to $9,476 for the first quarter of 2003.
Zeolite depreciation for the first quarter of 2004 was $13,800 and was
comparable to $13,686 for the first quarter of 2003.
Antimony freight and delivery for the first quarter of 2004 was $44,156 compared
to $77,677 of freight and delivery expense during the first quarter of 2003.
The decrease is due to a corresponding decrease in antimony sales.
6
Zeolite freight and delivery for the first quarter of 2004 was $14,671 compared
to $20,594 for the first quarter of 2003. The decrease is due to the Company
shipping product to customers who pay for their own freight and delivery
charges, during the quarter ended March 31, 2004. During the quarter ended
March 31, 2003, the Company shipped more product to warehouses and incurred the
costs themselves.
During the first quarter of 2004, the Company incurred costs totaling $71,161
associated with general and administrative expenses of its 100% owned
subsidiary, Bear River Zeolite Company, compared to $73,314 of such expenses in
the comparable quarter of 2003.
Zeolite sales expenses were $19,164 during the first quarter of 2004 compared to
$14,436 during the first quarter of 2003. The increase in zeolite sales expense
was due to a corresponding increase in zeolite sales.
General and administrative expenses in the antimony division were $90,540 during
the first quarter of 2004 compared to $130,884 during the first quarter of 2003.
The decrease in general and administrative expenses during the first quarter of
2004 is due to the Company incurring legal costs associated with the filing of
their proxy statement during the first quarter of 2003. No such expense was
incurred during the first quarter of 2004.
Antimony sales expenses were $14,068 in the first quarter of 2004 compared to
$25,568 during the first quarter of 2003. The decrease was due primarily to the
decrease in antimony sales.
Interest expense of $27,313 was incurred during the first quarter of 2004
compared to $16,376 during the first quarter of 2003. The increase was due
primarily from the increase in interest on convertible notes payable.
Accounts receivable factoring expense was $19,279 during the first quarter of
2004 compared to $33,565 during the first quarter of 2003. The decrease was
primarily due to the decrease in antimony sales.
Interest and other income was $605 during the first quarter of 2003 and was
comparable to $486 during the first quarter of 2004.
Financial Condition and Liquidity
At March 31, 2004, Company assets totaled $954,156, and there was a
stockholders' deficit of $1,412,664. The stockholders' deficit decreased
$279,673 from December 31, 2003. At March 31, 2004 the Company's total current
liabilities exceeded its total current assets by $1,407,104. Due to the
Company's operating losses, negative working capital, and stockholders' deficit,
the Company's independent accountants included a paragraph in the Company's 2003
financial statements relating to a going concern uncertainty. To continue as a
going concern the Company must generate profits from its antimony and zeolite
sales and acquire additional capital resources through the sale of its
securities or from short and long-term debt financing. Without financing and
profitable operations, the Company may not be able to meet its obligations, fund
operations and continue in existence. While management is optimistic that the
Company will be able to sustain profitable operations and meet its financial
obligations, there can be no assurance of such.
Cash used by operating activities during the first three months of 2004 was
$284,137, and resulted from the first quarter net loss of $107,687 as adjusted
by, decreasing accounts payable and other current liabilities and the non-cash
affects of depreciation and amortization expenses.
Cash used in investing activities during the first three months of 2004 was
$29,071 and primarily related to the construction of capital assets at the Bear
River Zeolite facility.
Net cash provided by financing activities was $313,208 during the first three
months of 2004 was primarily generated from sales of common stock and exercise
of warrants.
During the quarter ended March 31, 2004, 66,667 shares of common stock were
issued to an individual for $10,000 or $0.15 per share.
7
During the quarter ended March 31, 2004, the Company sent a letter to warrant
holders offering a reduced exercise price for outstanding warrants. The reduced
price was $0.20 per share. The total number shares of common stock issued for
the exercise of warrants was 1,136,071 for a total sales price of $227,214.
During the quarter ended March 31, 2004, the Company satisfied outstanding
accounts payable with an attorney and a metals supplier in exchange for common
stock. The total shares issued were 631,790 and the total debt relief was
$150,145.
The Company plans to offer certain of its inactive mining claims for sale during
2004 in an effort to continue generating cash to fund its operations. In
addition, the Company hopes that it will be able to continue expanding its
zeolite business by increasing marketing efforts and researching new products
and uses for zeolite.
ITEM 3. CONTROLS AND PROCEDURES
Based on their most recent evaluation, which was completed within 90 days of the
filing of this Form 10-QSB, the Company's president believes the Company's
disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and
15d-14) are effective to ensure that information required to be disclosed by the
Company in this report is accumulated and communicated to the Company's
management, including its principal executive officer and principal financial
officer, as appropriate, to allow timely decisions regarding required
disclosure. There were no significant changes in the Company's internal
controls or other factors that could significantly affect these controls
subsequent to the date of their evaluation and there were no corrective actions
with regard to significant deficiencies and material weaknesses.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None
ITEM 2. CHANGES IN SECURITIES
Neither the constituent instruments defining the rights of the registrant's
securities filers nor the rights evidenced by the registrant's outstanding
common stock have been modified, limited or qualified. The Registrant has,
however, issued 1,834,528 shares of its common stock in a sale to an individual;
various parties exercising warrants held by them; and to satisfy creditors
accounts payable (See Item 2).
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
The registrant has no outstanding senior securities.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
Exhibit: None
Reports on Form 8-K None
8
SIGNATURE
Pursuant to the requirements of Section 13 or 15(b) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
UNITED STATES ANTIMONY CORPORATION
(Registrant)
By:/s/ John C. Lawrence Date: May 14, 2004
--------------------------------------------------------
John C. Lawrence, Director and President
(Principal Executive, Financial and Accounting Officer)
9
CERTIFICATION
I, John C. Lawrence, certify that:
1. I have reviewed this quarterly report on Form 10-QSB of United States
Antimony Corporation.
2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of and for the periods presented in this quarterly report.
4. I am responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the
registrant and have:
a. designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiary,
is made known to us by others within that entity, particularly during the period
in which this quarterly report is being prepared;
b. evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and
c. presented in this quarterly report our conclusions about the
effectiveness of disclosure controls and procedures based on our evaluation as
of the Evaluation Date;
5. I have disclosed, based on my most recent evaluation, to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions);
a. all significant deficiencies in the design or operations of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
Registrant's auditors any material weaknesses in internal controls; and
b. any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and
6. I have indicated in this quarterly report whether there were significant
changes in internal controls or in other factors that could significantly affect
internal controls subsequent to the date of my most recent evaluation, including
any corrective actions with regard to significant deficiencies and material
weaknesses.
Date: May 14, 2004
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/s/ John C. Lawrence
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John C. Lawrence
President, Director and Principal Financial Officer
10
CERTIFICATION PURSUANT TO THE SARBANES-OXLEY ACT
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
I, John C. Lawrence, President, Director and Principal Financial Officer of
United States Antimony Corporation ("the Registrant") do hereby certify,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that, to my knowledge:
1. This Quarterly Report on Form 10-QSB of the Registrant for the period
ended March 31, 2004, as filed with the Securities and Exchange Commission (the
"report"), fully complies with the requirements of Section 13(a) or 15(d) of the
Securities Exchange Act of 1934; and
2. The information contained in the report fairly presents, in all material
respects, the financial condition and results of operations of the Registrant.
Date: May 14, 2004
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/s/John C. Lawrence
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John C. Lawrence
President, Director and Principal Financial Officer
11